Dutch port operator APM Terminals BV, part of Danish shipping group AP Moller-Maersk A/S (CPH:MAERSK-B), said today it will acquire a 37.5% stake in Russian container terminals operator Global Ports Investments Plc (LON:GLPR).
APM has agreed to buy the stake from Transportation Investments Holdings Limited (TIHL), also known as N-Trans, which currently has a 75% stake in Global Ports. The deal values the latter’s entire share capital at about USD2.3bn (EUR1.8bn) and represents the largest foreign direct investment in the transportation sector of Russia to date.
Through the stake buy, APM will receive three container terminals in Russia and two in Finland as well as one inland container depot in the vicinity of St Petersburg plus a major oil and oil products terminal. The parties expect to close the transaction by the end of the year after they secure all necessary approvals.
APM CEO Kim Fejfer said he believes that the move would bring value to the company’s shipping clients today and create more opportunities to accommodate their future growth. APM’s vice president of strategy and business development, Francois-Xavier Delenclos, noted that the partnership will strengthen the company’s long-term business development strategy of boosting presence in high-growth markets.
Cyprus-based and Russia-focused Global Ports booked an adjusted EBITDA of USD282m on revenues of USD501m last year. The firm’s chairman of the board Nikita Mishin believes that Global Ports will further enhance its leadership in its markets by making use of APM and N-Trans’ expertise.